India – Vietnam trade volume reaches $8.8 bln during 11-month period

The country exported goods worth $4.76 billion while spending $4.06 billion on imports, resulting a trade surplus of $700 million in the period.

Mobile phones and components witnessed positive export during the the reported period, bringing Vietnam $1.31 billion, up 5.8 percent from a year ago.

The export of computers, electronic products and components fell 24.6 percent to $804 million, while exports of machinery, equipment, tools and spare parts plummeted by 47.7 percent to $373.78 million.

Tea exports posted a sharp increase of 300.6% to $4.96 million against the same period from last year, while the export of cashew nuts, confectioneries, and raw materials saw respective rises of 21.3 percent, 32.3 percent, and 22.6 percent.

Vietnam imported iron and steel of all kinds worth $1.06 billion, making up 25 percent of the total import turnover of goods from the South Asian nation. The export turnover for November alone reached a sum of $86.56 million, representing an increase of 39.3 percent from the previous month.

The country also spent $298.60 million on importing machinery, equipment, tools and spare parts throughout the reviewed period, a decline of 21.8 percent on-year, while pharmaceutical and seafood imports saw an increase of 5.3 percent and 20.8 percent in comparison to the same period from the previous year.

With India moving to apply a number of trade restrictions and new regulations relating to the rule of origin, in addition to the initiation of trade remedies, this has significantly affected bilateral trade in recent times.

Indeed, annual trade turnover between the two countries is anticipated to reach $10 billion by the end of the year.

Source: VOV